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ArcBest Corp. of Fort Smith announced Tuesday that it would temporarily reduce the salaries of its executive officers and nonunion employees by 15% in response to the economic fallout of the ongoing COVID-19 pandemic.
The reductions would go into effect this month and would remain in place until “further notice,” the company said in a filing with the U.S. Securities & Exchange Commission. ArcBest also said it was instituting a hiring freeze and suspending the company’s 50% match for its nonunion 401(k) plan; additionally, the company was reducing its advertising, travel and training expenses.
ArcBest said the adjustments should total $15 million to $20 million. In a December filing, the company said it had 13,000 employees, of whom 8,320 were union members.
In the company’s proxy filing in March, ArcBest said its median employee income was $153,395. Company CEO and President Judy McReynolds received a base salary of $744,471 and total compensation of $2.4 million in 2019.